By Shannon Najmabadi
Speaking at the Boao Forum for Asia (BFA) Annual Conference 2013 on Monday, President Xi Jinping stated that China will sustain relatively high economic growth but not “super-high” economic growth.
“The Chinese economy is in good shape,” Xi told representatives of about 30 well-known enterprises at the ongoing Boao Forum, according to The Telegraph.
Xi expressed optimism regarding the economy, citing urbanization, industrialization and the modernization of agriculture as having appreciable potential in the domestic market.
However, as the Telegraph reports:
Growth in the world’s second biggest economy struck a 13-year low in 2012, with GDP expanding 7.8pc in the face of weakness at home and in key overseas markets.
Xi said the figure was lower than in previous years, “partly due to our efforts to control the speed of economic growth and speed up the transformation of the growth model”.
“We will shift the focus of economic development to quality and efficiency,” he added.
At the government’s annual legislative session last month, the country set the 2013 GDP growth target at 7.5 percent – the same target value as last year – to leave room for economic restructuring.
Xi stated that China will put an increased emphasis on green initiatives and sustainable development, and underlined China’s open-door policy towards foreign investors.
Xi made a promise to further open China’s market and share the country’s opportunities with the rest of the world.
China will “expand, deepen and widen” its economy, firmly oppose protectionism in any form and prepare itself to solve economic and trade differences with other countries through consultation, he said.
Interestingly, The Telegraph chose to title their story “China ‘ultra high-speed growth could be over'” while Xinhua chose the more positive “Xi says China to sustain ‘relatively high’ growth.”
The Xinhua article also quotes Zhang Yansheng, a researcher with the National Development and Reform Commission (NDRC) who says the next three decades will be China’s “golden age.”